The sale does not mean the BM Bank’s demise

MOSCOW, July 14. /ITAR-TASS/. The board of directors of Russia’s Bank of Moscow has approved selling its Ukrainian affiliate BM Bank to a group of international investors before the end of September, the bank said in a statement on Monday.

“The sale does not mean the BM Bank’s demise. It will continue to operate on the Ukrainian market, providing full financial services, and will continue to meet its obligations,” Supervisory Board Chairman Alexander Yashnik said.

The Bank of Moscow, which holds 99.9595% in BM Bank, agreed to sell the subsidiary to Ukraine’s Smart-Holding in February 2013. But the deal will not be closed, media reported in June.

The Bank of Moscow has two more subsidiaries outside Russia, in Belarus and Estonia.